Explanatory note

This Order transfers certain of the Secretary of State’s functions under the Financial Services Act 1986 to the body known as The Securities and Investments Board Limited. The functions transferred are described in articles 3, 5, 6, 7 and 8 of and Schedule 3 to the Order. Schedule 1 to the Order specifies certain functions which are not transferred.

The Order transfers certain functions subject to a reservation that they are to be exercisable by the Secretary of State concurrently with The Securities and Investments Board Limited. These functions are specified in articles 4, 5 and 7 of and Schedules 2 and 3 to the Order. In addition, certain functions specified in articles 5 and 7 and Schedule 3 to the Order are transferred so as to be exercisable by The Securities and Investments Board subject to such conditions or restrictions as the Secretary of State may from time to time impose.

Articles 9, 10 and 11 of the Order make certain supplementary provisions.